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Do you want to become successful stock market trader?

Posted By On 10/10/2008 10:13:00 AM Under
1. One must undertake the introspection to be able to become a successful day trader and for that one must ask himself a few questions which will enable one to understand the trading style which is suitable for the individual.

2. To undertake the introspection one has to be honest and let the truth and only truth come out as ultimate aim is to make one a successful stock market trader. Consider any trade and please ask following questions to yourself as listed below:

(a) Entry price for a stock
(b) Sellinbg price of stock
(c) Did you buy more stocks when stock moved in favourable direction?
(d) What was the rate at which you undertook the sale of the stock?
(e) Are you able to see yourself as a day trader, swing trader or a long term investor as per your style of trading?
(f) Have you undertaken the cost averaging technique for the stock?
(g) Did you purchase stock close to the bottom and then add up additional shares as it went up?
(h) Did you undertake the purchase and selling for a mall amount of profit in a small time frame?

3. After asking these questions ask yourself regarding the lessons one has learnt from the trading style i.e. the method with which the trade has been executed. Analyse how other stock traders would have had executed the said trade. Consider the factors which are hindering or blocking you from achieving higher standards. Analyse the fact that whether you were hesitant in taking the action when the said action was right. Analyse and find the steps which are required to make you a better trader.

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